The three-story building, designed by the Gensler architecture company, will feature 66,000 square feet of office space, post-production labs, screening rooms, conference space, an interior amphitheater and a courtyard.

The facility, scheduled to be complete in 2015, will house 120 employees who currently work out of IMAX’s Santa Monica facility, along with other staff members.

IMAX CEO Richard L. Gelfond said the company is growing thanks to the industry’s change from film to digital, which enabled them to be in 57 countries and do roughly 35 to 40 movies each year.

“We needed to be in Los Angeles, and we needed a place that would make us proud when we introduce filmmakers, studio executives, talent, people like yourselves, and this is really the perfect place,” he said.

Mayor Eric Garcetti was happy about IMAX’s move to Los Angeles.

“This is a really big day for us in L.A. We got two things we desperately need. First of all, that rain…and jobs. The idea of being able to come here in this sacred land, this spot where innovation and creativity has lived for over a century, this newest incarnation, this chapter we are riding together is indeed an incredible one. We couldn’t be more proud to have IMAX here,” he said.